Do I have a chance?

[sherizel73]

I'm looking to get a FHA loan.  My credit scores are 644, 669, 675.  Front end is 20%. Back end is 46%.  Darn student loans!!  

Do you think I have a chance at getting approved for a loan?  If so, where do I start, what lender?  

Thanks!

[StartingOver10]

Does the 20% front end ratio include principal, interest, insurance, proeprty taxes, HOA fees (if applicable) and PMI for the new purchase?

Does the 46% back end ratio include the above plus your installent loans, cc monthly min payments and student loans?

[sherizel73]

Yes and yes.

[StartingOver10]

Looks like you are in good shape to make application. I am assuming your income is W2 and you don't have ramdom wright off's on your tax return, right?

[sherizel73]

Yes, my income is W2 very straight forward.  I'm looking at a new construction townhome so I'm not sure if I should apply for a loan before I go to the builder or just apply for financing right away through the builder.  I also need to determine since it's new construction if I need a realtor and a lawyer.  I keep learning so much from reading posts, I'm loving this board! 

[DallasLoanGuy]

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@sherizel73 wrote:

Yes, my income is W2 very straight forward.  I'm looking at a new construction townhome so I'm not sure if I should apply for a loan before I go to the builder or just apply for financing right away through the builder.  I also need to determine since it's new construction if I need a realtor and a lawyer.  I keep learning so much from reading posts, I'm loving this board! 

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1. apply before you go... pre-approval in hand.

2. get a realtor.... do NOT visit builder without a buyer's rep

3. bring all questions/concerns back here for review